Market Trends of Global Hospital Supplies Industry
This section covers the major market trends shaping the Hospital Supplies Market according to our research experts:
Sterilization and Disinfectant Equipment Segment Holds the Major Share in the Market Studied
For hospitals and patients in hospitals, cleaning, disinfection, and sterilization play a significant role. Currently, across the world, hospitals are notably spending on supplies to maintain the cleanliness of equipment (such as prevention of healthcare-associated infections), surgical instruments, and staff hygiene. To avoid infections in hospital settings and home care as well, sterilization and disinfectant products are witnessing high demand among end users. This is anticipated to drive the segment's growth over the forecast period.
Several organizations are being formed at the national level and in the association between several countries, which are dedicated to the advancement of infection control practices to reduce healthcare-associated infections (HAIs) and improve consumables and equipment quality. For instance, in India, the Hospital Infection Society creates awareness and deals with healthcare-associated infections across hospitals in the country. Additionally, in April 2022, the Infection Prevention and Control program using the ECHO (Extension for Community Healthcare Outcomes) model was introduced in Maharashtra and West Bengal, which joined in the mission as partner states, to improve the existing knowledge base for nurses, along with training them to improve their overall scope of information, particularly in the areas of infection control and prevention. Additionally, the outbreak of COVID-19 has alerted government authorities and hospitals across the world to enhance sterilization practices in hospitals and other healthcare facilities to make sure that the transmission of the virus is controlled. Thus, such awareness and developments are anticipated to drive the segment's growth over the forecast period.
Moreover, recent developments by major companies and other public and private organizations are increasing the demand for sterilization and disinfectant supply products. For example, in September 2021, STERIS, a life science company, launched the next generation of integrated Vaporized Hydrogen Peroxide (VHP) bio-decontamination systems for customers who want to achieve up to a 6-log bioburden reduction in GMP (good manufacturing practice) pharmaceutical, medical device, and research environments. In addition, in August 2021, Hong Kong-based Aurabeat launched a Food and Drug Administration (FDA) approved anti-COVID class 2 medical device for SARS-CoV-2 disinfection in India. Thus, such advances are expected to drive segment growth.
Thus, all the aforementioned factors are expected to boost the segment's growth over the forecast period.
North America Dominated the Overall Market and is Expected to Retain its Dominance
North America is expected to be the dominant region in the market studied. The factors contributing to the high market share of North America are the consistent focus on the cost-effective and innovative procedures adopted in the United States, which has shown an increase in the hospital supplies market.
Additionally, growing communal diseases and hospital-acquired infections are expected to drive market growth. As per the article "Healthcare-associated urinary tract infections in urology" published in the National Library of Medicine in August 2021, UTIs are a leading cause of nosocomial infections worldwide and have been estimated to cause approximately 30 % of HAIs in the acute care setting in the United States. Of those HAIs, approximately 75 % are associated with an indwelling urinary catheter, which requires sterilization and disinfection. Therefore, this is anticipated to boost the growth of the market studied over the analysis period in North America. Furthermore, the major factors driving the hospital supplies market's growth are rising hospital stays of patients and an increase in the cases of surgical site infections. Additionally, increasing surgical procedures and high growth in the country's pharmaceutical and biotechnology industries are also driving the market significantly.
Moreover, the rise in chronic diseases, such as cancer, cardiovascular diseases, and others, requires extended hospital stays and surgeries. The data updated by the American Hospital Association (AHA) in its "Fast Facts on U.S. Hospitals, 2022" report shows that the number of admissions in community hospitals was 31,393,318 in 2020 in the United States. Thus, with the increasing number of hospital admissions, the rate of hospital-acquired infections is also expected to rise, which will result in the market's growth in the future.
Additionally, market players are developing advanced products to enhance their market presence. For instance, in May 2022, Sonoma Pharmaceuticals, Inc., a global healthcare company developing and producing patented Microcyn technology-based stabilized hypochlorous acid (HOCl) products for a wide range of applications in disinfectant use, and its partner, the MicroSafe Group DMCC, received EPA (Environmental Protection Agency) approval for Nanocyn as a hospital-grade disinfectant in the United States.
In addition, the press release by the United States Department of Health and Human Services (HHS) published in February 2022 stated that HHS has invested USD 250 million in the United States-based manufacturing of personal protective equipment (PPE) and USD 950 million in manufacturing the supplies and equipment needed for vaccines, therapeutics, and diagnostic tests. These factors are expected to boost the market growth in the country, contributing to the overall growth of the market studied.
Therefore, owing to the factors mentioned above, the hospital supplies market is anticipated to grow in North America.
